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Bharti Infratel IPO by december end 2012


Bharti Infratel, the telecommunications tower arm of top Indian mobile phone carrier Bharti Airtel  , is likely to launch on December 10 its up to USD900 million initial public offering, three sources with direct knowledge said.

The share sale could raise USD800 million to USD900 million, the sources said. Bharti Infratel and four private equity investors are selling shares in the offer.
A Bharti spokesman declined to comment.
Bharti Infratel expects to get a go ahead from the capital markets regulator as early as Friday, the sources said. All three sources declined to be named as the information is not public yet.
Bharti Infratel expects a go-ahead from the capital markets regulator as early as Friday, the sources said, adding the IPO would open for cornerstone investors on December 10 and for the public a day later.
Bharti Infratel will sell new shares in the IPO, which will be a key test for overseas investors' appetite in a market that has risen nearly 20% so far this year.

"We have got fairly good feedback from foreign investors for this paper and Bharti is a fairly known brand so we are not very worried about the demand," said one of the sources, who is directly involved in the process.

Four private equity investors, including arms of Singapore state investor Temasek and Goldman Sachs  are selling shares in the offer. Hedge fund Eton Park's Anadale Ltd and a unit of Japan's Nomura are also selling.

Bharti Airtel, India's top mobile phone carrier and the owner of about 86% of the tower arm, is not selling any shares.



Sandip Ginodia
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